Companies must hire right candidates to cut business risks

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Companies must hire right candidates to cut business risksHiring a right candidate in a company is not a game as hiring a wrong candidate can prove to be a costly affair for the firm because everyone in an organisation plays a vital role in its performance and success.
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A report by Society for Human Resource Management (SHRM), said: "The cost of a bad hire to an organisation is five times the bad hire's annual salary."

Hence companies should be cautious while hiring talents, a PTI report said, adding an elaborate screening process before hiring is a crucial task faced by many organisations today.

"The future of any organisation solely depends on the kind of employees the organisations have and that makes screening a crucial aspect of the overall hiring process," SHRM India CEO Achal Khanna said.

It has been observed that by recruiting right candidates, organisations have achieved success and growth and that has contributed substantially in brand building.

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"There is a need for flexible and tailored screening solutions for candidates before hiring by any organisation," Edward Hickey, Managing Director - APAC of HireRight, an employment background screening provider, said.

The report said that there should be in-depth interviews soon after a new employee has joined to understand his expectations and the firm should also make use of informal gatherings and social media, to make the prospective hire a part of the system even before he has actually joined.

(Image: Indiatimes)